Us Senate Bill S.1241 to criminalize concealed ownership of Bitcoin
"On November 28, 2017, the US Senate, Committee of the Judiciary held a hearing regarding bill S.1241: Modernizing AML Laws to Combat Money Laundering and Terrorist Financing. Despite little attention being given to digital currencies during the hearing, bill S.1241 itself would amend the definition of ‘financial institution’ in the United States Code to include digital currencies and digital exchanges. This could have alarming consequences for users of cryptocurrencies both in the US and abroad.
Bill S.1241 would amend the definition of ‘financial institution,’ in Section 5312(a) of title 31, United States Code, to include “an issuer, redeemer, or cashier of prepaid access devices, digital currency, or any digital exchanger or tumbler of digital currency.” Currently, the definition of ‘financial institution’ includes banks, trust companies, credit unions, currency exchanges, etc.
In her introduction, Mrs. Feinstein, Ranking Member of the Judiciary Committee, said (31:35), “The bill criminalizes intentionally concealing ownership or control of a bank account.” Although, during the hearing, no further clarifications were given as to the effects this would have on the cryptocurrency community, based on the amended definition of ‘financial institution’, it seems clear enough that the bill would “criminalize [those] intentionally concealing ownership or control of a [digital currency or digital exchange] account.” Wow. Let this sink in for a minute…
The US senate is proposing a bill to make criminals out of anyone intentionally concealing ownership or control of a digital currency or digital exchange account. What’s more, according to the hearing’s prolonged discussion of US law enforcement’s handling of foreign banks and financial institutions, this bill is certain to have far-reaching effects on not only US citizens but the global community as a whole."
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https://www.reddit.com/r/Monero/comments/7if7ql/us_senate_bill_s1241_to_criminalize_concealed/
Firstly this really is nothing new, and secondly you can see the effect it has had on the cryptocurrency community ....... None! 🤣 . As your such a non believer in cryptocurrency you won't want me to upvote your posts?
Why would a proposed bill effect cryptocurrency? If the bill goes through, believe me, it will effect cryptocurrency. You think I oppose crypto? I don't.
Of course you do, your a doomsday, neigh sayer. For any new revolutionary technology to work it needs support and you support the opposite side. By pushing this negative narrative your on the side of Banks and Government. If you want freedom then don't keep telling other people about this bill or that bill and help to reinforce a false authority. Get a bit of fight in you, your gonna need it.
You have no idea what I support obviously. If you don't want bills to pass that you don't like, you have to identify them and create awareness of them. That is how politics work.
I don't support politics, I support freedom. Politics is purely a puppet show designed to distract people with very few braincells, while the puppeteers continue with their business unchallenged.
So just because a government passes a Bill or Law you have to abide by it? So you would support Jim Crow segregation laws? If everyone had your attitude African Americans would still have to sit on separate buses and use separate bathrooms, and women wouldn't be allowed to vote and child labour would still exist.